What You Need to Know:

• SUI plummeted dramatically from $3.59 to $3.38 overnight before finding support and attempting a recovery.
• The Cetus Protocol’s recovery plan received overwhelming approval from over 90% of validators, facilitating the return of $162 million in frozen funds after a recent exploit of $223 million.
• Ongoing trade tensions between the US and China are negatively impacting investor confidence, exacerbated by reports of stalled negotiations that have led to risk aversion in the cryptocurrency markets.

The cryptocurrency sector is facing pressures as geopolitical issues and security worries dampen investor morale. The sharp decline of SUI aligns with broader market instability, yet significant buying interest is appearing at support levels around $3.40 to $3.42.

Technical Analysis Highlights:

• SUI-USD experienced a steep drop from $3.59 to a low of $3.38 during the midnight trading window, with an extraordinary volume of 24.8 million, representing more than three times the average hourly trading.
• The price showed notable fluctuations within a range of $0.225 (6.25%), indicating significant market indecision, with support appearing at approximately $3.40-$3.42 on substantial volume, suggesting healthy buyer interest at these price points.
• Following the dramatic drop, SUI has begun to establish a recovery pattern, indicating an ascending channel with resistance noted around $3.50. However, momentum seems to be waning following a recent rejection at $3.48 due to mounting selling pressure.